IREDA’s IGGEFIL Makes Overseas Debut With $22.5 Mn Zambia Solar Loan

Indian Renewable Energy Development Agency Ltd. (IREDA)’s subsidiary, IREDA Global Green Energy Finance IFSC Ltd. (IGGEFIL), has sanctioned its first loan during a Board meeting held in New Delhi. IREDA stated in a regulatory filing that it has sanctioned USD 22.5 million to Swarna Solar Limited (SSL) for developing a 100 MW photovoltaic solar power plant in the Serenje District of Zambia’s Central Province.

This first loan sanction marks a significant step for IGGEFIL as it begins to expand India’s green financing footprint into international markets and support sustainable energy development globally. Speaking on the occasion, Pradip Kumar Das, Chief Managing Director (CMD), IREDA and Chairman, IGGEFIL, said, “This first loan sanction by IGGEFIL is a landmark moment for IREDA as it emerges as a global catalyst for clean energy financing. Through our presence at GIFT City, we are leveraging competitive international capital to enable renewable energy development not only in India but also across the world. Supporting this solar project in Zambia reflects our commitment to fostering sustainable growth beyond national boundaries, aligned with the Government of India’s vision of global renewable energy leadership.”

Zambia Attracts International Investment

In Africa, even though South Africa is considered a more prosperous nation on the continent, recent trends suggest that Zambia has come under the radar for attracting increased international collaboration.

For instance, in 2024, Indian renewable energy company Zodiac Energy received its first international rooftop solar order from Zambia to construct a rooftop solar system on a turnkey basis. The project will be integrated with a Battery Energy Storage System (BESS). Zodiac said it received the order from Strongpak Limited (Zambina-Africa), with the total aggregate cost of the project estimated at around USD 720 lakh.

South Africa, meanwhile, continues to secure orders from Mumbai-based EPC major Sterling and Wilson Renewable Energy Limited (SWREL). In November last year, SWREL won its second international project in the country, securing an EPC contract for a 240 MW AC solar PV project. The total value of the contract was approximately USD 147 million (Rs 1,313 crore).

These developments also highlight a rise in global renewable energy investment in Africa, which, despite attracting just over 2% of global energy investment, is seeking to alleviate energy poverty through an inward- and expansion-driven approach. This comes even as the continent experienced a year-on-year decline in the pace of solar installations in 2024.

Wood Mackenzie remains optimistic about solar capacity additions, projecting capacity to rise from 11.4 GW in 2021 to 31 GW by the end of this year, despite the slowdown. The continent aims to meet its energy needs through a mix of conventional and renewable power generation to achieve energy sufficiency, according to the consultancy’s latest Horizons report.

According to IREDA's quarterly results, ending on December 31, 2025, the company reported a 26.8% year-on-year (YoY) rise in revenue from operations to Rs 6,135 crore, compared with Rs 4,838 crore in the same period last year. Its profit after tax also increased 15.4% to Rs 1,381 crore from Rs 1,197 crore in December 2024.